QUEST - Questback Group AS is pleased to announce the signing of definitive agreements for the sale of 75% of the shares in its operational subsidiary, Questback AS (the “Company”).

09 Nov 2023 18:30 CET

Oslo, 9 November 2023

The proposed transaction marks EV for the Company at NOK 340 MNOK. Precise
Credit Solutions 17 S.a.r.l. (the "Buyer") will maintain its creditor position
towards Questback AS going forward and take a 75% shareholding in the business.

The Buyer, the main lender under the Company's bond loan agreement and a
minority owner in Questback Group AS, has decided to increase their ownership in
Questback AS. This move demonstrates the Buyer's strong belief in the Company.
At the same time, Questback Group AS retains a significant 25% stake in the
business and a corresponding upside going forward.

Over the past two years, Questback AS has undergone a successful operational
turn-around with an ARR of 128 MNOK, positioning itself for remarkable growth.
This proposed transaction secures a sustainable and robust financial solution
for Questback AS to continue its upward trajectory.

Saeid Mirzaie, CEO of Questback AS, expressed his excitement, saying, "This is a
remarkable milestone in the proposed transaction and demonstrates the Buyer's
confidence in our team and what we do. This transaction will significantly
strengthen our ability to continue executing our growth journey."

Terje Bakken, Chairman of Questback AS and Questback Group AS, added “This
transaction marks a new chapter for Questback AS, with a strong and supportive
partner in Precise Credit Solutions. The enterprise value demonstrates the
strong potential and value of our company, even in the face of tough market
conditions. We are eager to move forward with the Buyer and the management to
continue the value creation journey in Questback."

The joint ownership of the Company by Questback Group AS and the Buyer will be
governed by a shareholders' agreement between the two parties setting out the
terms of their joint ownership on customary terms.

As part of this strategic move, Questback Group AS will retain a 25% stake in
Questback AS and intends to apply for a de-listing of the shares from trading on
Euronext Growth. A proposal for such de-listing will be presented to the
shareholders at the same general meeting, which will also consider the
transaction. The reporting and approval of the annual accounts and report for
the fiscal year 2022, which has been postponed due to the proposed transaction,
will be conducted concurrently.

The proposed transaction: Closing of the transaction is expected to be
conditional upon various customary closing conditions, including but not limited
to approval at the general meeting of Questback Group AS of the transaction by a
two-thirds majority vote. Questback Group AS has entered into final and binding
agreements with Precise Credit Solutions 17 S.a.r.l., being the lender under the
Company's bond loan agreement (the "Buyer"), regarding a sale of 75% of the
shares in the company's operational subsidiary Questback AS (the "Company") for
NOK 1. As part of the transaction, 100 % of the bonds issued by the Company (the
"Bond Loan") will after closing of the Transaction be converted to new equity by
a capital increase in the Company with the Buyer as the subscriber and with the
new shares issued as preference shares. The share deposit will be settled by a
set-off against the current claim the Buyer has against the Company pursuant to
the Bond Loan.

Questback is a leading provider of SaaS solutions for employee and customer
feedback. The company was founded in 2000 and was listed in August 2021 on the
Euronext Growth exchange in Oslo. Find out more about Questback at
Questback.com.

For further queries, please contact:
Saeid Mirzaie
Chief Executive Officer
Ph. +46 733 414407
Email: saeid.mirzaie@questback.com

Cautionary note regarding forward-looking statements:

This communication may contain certain forward-looking statements relating to
the business, financial performance and results of the Company and/or the
industry in which it operates. Forward-looking statements concern future
circumstances and results and other statements that are not historical facts,
sometimes identified by the words "believes", "expects", "predicts", "intends",
"projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets",
and similar expressions. Any such forward-looking statements are solely opinions
and forecasts reflecting views as of the date set out on the cover of these
materials, which are subject to risks, uncertainties and other factors that may
cause actual events to differ materially from any anticipated development,
including the risk factors set forth in the Information Document prepared by the
Company in connection with the Listing, available at
https://newsweb.oslobors.no/message/540413 under the heading “Vedlegg”. No
liability for such statements, or any obligation to update any such statements
or to conform such statements to actual results, is assumed. Furthermore,
information about past performance given in this communication is given for
illustrative purposes only and should not be relied upon as, and is not, an
indication of future performance.

The information included in this announcement is considered by the Company to be
inside information pursuant to the EU Market Abuse Regulation.

This stock exchange announcement was published by Saeid Mirzaie, Chief Executive
Officer of the Company on 9 November 2023 at 18:30 CET.

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